NPS, APY - GS questions based on daily current affairs

1)   Atal Pension Yojana Service Providers comprise of

1) Private Sector Banks
2) Department of Posts
3) Regional Rural Banks

a. 1, 3
b. 2, 3
c. 1, 2
d. All of the above
Answer  Explanation 

ANSWER: All of the above

Explanation:

  • Atal Pension Yojana is being implemented through the APY Service Providers comprising of Public Sector Banks, Private Sector Banks, Regional Rural Banks, Cooperative Banks and Department of Post both in urban and rural areas across the country.
  • If the actual returns on the pension contributions during the accumulation phase is higher than the assumed returns for the minimum guaranteed pension, such excess returns are passed on to the subscriber, resulting in enhanced scheme benefits.
2)   Government has released INR 100 crore towards which yojana for 2015-2016?

a. Atal Pension Yojana
b. Sukanya Samriddhi Yojana
c. Nai Roshni Scheme
d. None of the above
Answer  Explanation 

ANSWER: Atal Pension Yojana

Explanation:
Government of India has released INR 100 crore towards co-contribution for Atal Pension Yojana for 2015-2016.

  • As per the scheme, those who have registered before March 31, 2016 will get co-contribution from the government which will be 50 percent of the subscriber contribution up to a total of INR 1000.
  • Co-contribution will be for 5 years from 2015-2016 to 2019-2020.
  • Government of India through PFRDA has released co-contribution for 2015-2016 for 16.96 lakh eligible APY subscribers amounting to INR 99.57 crore.
  • Subscribers lacking pending contribution in accounts till March 2016 won’t be paid with co-contribution
  • Government is implementing Atal Pension Yojana through banks and Department of Post.
  • Total number of subscribers registered under this yojana has crossed 30 lakh as on June 30,2016.
3)   Which of the following is/are true regarding National Pension System (NPS)?

1) Online contribution facility has not yet been made available to NPS subscribers.
2) Recently, a mobile app has been made available for the subscribers.

a. Only 1
b. Only 2
c. Both 1 and 2
d. Neither 1 nor 2
Answer  Explanation 

ANSWER: Only 2

Explanation:

  • Subscribers are contributing through online mode using eNPS portal of NPS Trust. Now, a facility has been made available to contribute online by Subscribers using IPIN credentials in CRA system.
  • In Mobile App, the Subscriber will be able to raise the request for Transaction Statement for a particular financial year which will be sent to his registered mail ID at end of the day, can view his/her NPS account, details of the last five contributions credited, can change contact details (Telephone/Mobile no./Email ID), etc.
  • The Subscribers can now update/modify their address easily on their own using Aadhaar based authentication.
4)   Which of the following statements is/are correct about PERDA?

1. PERDA is not the Statutory authority.
2. NPS is  mandatory for all Central Government employees with effect from Jan 1 2004.

a. Only 1
b. Only 2
c. Both
d. None
Answer  Explanation 

ANSWER: Only 2

Explanation:
- On 18 September 2013, the President, Pranab Mukherjee, gave his assent to Pension Fund Regulatory and Development Authority Bill of 2013.
- It has replaced the old and imperfect IPRDA Bill of 2003.
-PFRDA is authorized by Ministry of Finance, Department of Financial Services.
- PFRDA promotes old age income security by establishing, developing and regulating pension funds and protects the interests of subscribers to schemes of pension funds and related matters.
5)   Which of the following statements is/are correct about National Pension System (NPS)?

1. It is defined-benefit pension system.
2. RBI has allowed non-resident Indians (NRIs) to subscribe to the National Pension System (NPS).

a. Only 1
b. Only 2
c. Both
d. None
Answer  Explanation 

ANSWER: Only 2

Explanation:
- In 2004, the Government of India decided to move from a defined-benefit pension system to a defined-contribution pension system.

- Defined-benefit pension system: -
A defined benefit plan identifies the specific benefit that will be payable to you at retirement.

- Defined- contribution pension system: -
A defined contribution plan specifies how much money will go into a retirement plan today.

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